Oct 30
The Earned Income Tax Credit (EITC) is a refundable tax credit that allows those completing a tax form to get a refund in excess of any tax that might have been paid. The Internal Revenue Service (IRS) is responsible for administering the EITC. Congress originally approved the EITC legislation in 1975. In an August 28 …
Permanent link to this article: https://betweenthenumbers.net/2013/10/irs-fumbles-around-125-billion-in-the-last-decade-for-incorrect-eitc/
Oct 19
Recently, in the matter of Richard Todd Thomas v. James S. Bostwick, the Northern District of California rejected a motion to dismiss, allowing a convicted embezzler to pursue retirement funds retained by his former employer (the victim of his crimes). Thomas was an employee of James S. Bostwick, a Professional Corporation (“Bostwick, Inc.”) from 1996 …
Permanent link to this article: https://betweenthenumbers.net/2013/10/embezzlers-401k-is-off-limits-to-victim-employer/
Oct 18
A recent article about a convicted Kiwi fraudster demonstrates the fraud triangle (described here) at work. Hohepa Morehu-Barlow claims his 14 year jail sentence is too harsh given that, while he defrauded the Australian state of Queensland out of more than A$16 million, the judge failed to consider the impact of the theft on the victim, …
Permanent link to this article: https://betweenthenumbers.net/2013/10/fake-prince-rationalizes-embezzlement-asks-for-leniency/
Sep 04
Are women being unfairly prevented from engaging in corporate fraud? That seems to the be conclusion espoused by sociologist Darrell J. Steffensmeier of Pennsylvania State University in his recent study published in the journal American Sociological Review: “Typically, women were not part of'[fraud] conspiracy groups. When women were involved, they had more minor roles and made less profit …
Permanent link to this article: https://betweenthenumbers.net/2013/09/questions-of-fraud-and-gender/
Aug 30
Since 2009, the U.S. Department of Justice has charged more than 30 banking professionals and 68 U.S. accountholders with violations arising from their offshore banking activities, with ongoing investigations proceeding against 14 additional Swiss-based financial institutions. In an effort to improve this process, the U.S. Department of Justice and the Swiss Federal Department of Finance jointly announced …
Permanent link to this article: https://betweenthenumbers.net/2013/08/swiss-banks-no-longer-a-haven/
Aug 23
The California Court of Appeals has reversed a trial court’s decision to dismiss a tenant lawsuit against a shopping center landlord based on differences between the landlord’s estimates of certain charges outlined in a Letter of Intent (“LOI”) as part of lease negotiations versus the amounts charged by the landlord upon occupancy. Prior to entering …
Permanent link to this article: https://betweenthenumbers.net/2013/08/will-shopping-center-be-held-to-estimates-in-a-letter-of-intent/
Jul 25
The U.S. Court of Appeals for the Fifth Circuit’s decision in Asadi v. G.E. Energy provides a new take on whistleblower protections under the Dodd-Frank Wall Street Reform and Consumer Protection Act. The Court found that, by definition, a whistleblower must have reported the claimed violation(s) to the U.S. Securities and Exchange Commission (“SEC”) in …
Permanent link to this article: https://betweenthenumbers.net/2013/07/fifth-circuit-takes-different-stance-on-dodd-frank-whistleblower-status/
Jul 18
The Securities and Exchange Commission (“SEC”) recently announced three new enforcement initiatives in its ongoing fight against fraud: “The Financial Reporting and Audit Task Force dedicated to detecting fraudulent or improper financial reporting, whose work will enhance the Division’s ongoing enforcement efforts related to accounting and disclosure fraud. The Microcap Fraud Task Force targeting abusive trading …
Permanent link to this article: https://betweenthenumbers.net/2013/07/sec-announces-new-anti-fraud-initiatives/
Jul 17
In Lockheed Martin Corp. v. Brown, No. 11-9524 (10th Cir. Jun. 4, 2013), the Tenth Circuit supported a broad interpretation of the claims that are protected under the anti-retaliation provisions of the Sarbanes-Oxley Act. The Tenth Circuit broadly described the case as follows: “Lockheed Martin Corp. (“Lockheed”) seeks to set aside a decision of the …
Permanent link to this article: https://betweenthenumbers.net/2013/07/use-of-internal-personnel-for-whistleblower-reporting-costs-employer-in-tenth-circuit-case/
Jun 28
The Committee of Sponsoring Organizations of the Treadway Commission (“COSO”) has released an updated Internal Control – Integrated Framework in the fight against fraud. It provides expanded practical advice regarding effective implementation of internal controls. COSO is a joint initiative of five private sector organizations with a shared interest in enterprise risk management, internal control and fraud …
Permanent link to this article: https://betweenthenumbers.net/2013/06/new-guidelines-for-fraud-deterrence/
